Lightweight Materials Market is Forecasted to Reach US$ 351.77 Billion in 2028, Says Stratview Research

The global Lightweight Materials market is projected to witness a growth rate of 9.1% annually from 2023 to 2028, with an anticipated size of US$ 351.77 billion by 2028, according to an analysis by Stratview Research.

Stratview Research, a global market research firm has launched a report on the global Lightweight Materials market which provides a comprehensive outlook of the global and regional market, industry forecast, current & emerging trends, segment analysis, competitive landscape, & more.

Click here to get a free sample of the report:
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Report Highlights:
Market Size in 2028: US$ 351.77 billion
Growth (CAGR): 9.1% during 2023-2028
Forecast Period: 2023-2028
Trend Period: 2017-2021
Base Year: 2022
Number of Segments Covered: 3
Number of Tables & Graphs: 100+

Segment Insights on the Lightweight Materials Market:
The global Lightweight Materials market is segmented based on Product type, Application type, and Region.
Based on product type - The market is segmented into aluminum, high-strength steel, titanium, magnesium, polymers, and composites. The polymers and composites product type segment occupied the largest share of the market in 2022 & is estimated to account for the major share of the market during the forecast period on account of the increasing demand for the product owing to its high potential to reduce weight and enhance fuel efficiency.

Based on application type - The market is segmented into automotive, aviation, energy, and others. Under these, the automotive dominated the market in 2022 & is estimated to remain dominant during the forecast period. This is due to an increase in middle-class affluence and a younger population, which has resulted in a tremendous expansion in the vehicle industry. In this industry, lightweight materials are frequently used in the production of numerous vehicle components.
According to a report provided by the U.S. Bureau of Labour Statistics, the motor vehicle and parts manufacturing industry in the United States increased by 8.4% year on year from February 2021 to February 2022. Furthermore, the introduction of lightweight electric vehicles may aggressively infiltrate the global lightweight materials market's growth of the automotive segment.

To know the most attractive segments, visit:
https://www.stratviewresearch.com/2596/Lightweight-Materials-Market.html

Which Region Shows the Most Promising Growth Forecast and Opportunity?

Asia-Pacific occupied the highest share of the market in 2022 & is estimated to be the leading region in the market during the forecast period. The regional market growth is owing to the growing automotive and aviation industries in the region. Furthermore, countries such as India and China are leading the regional market due to increased demand for passenger automobiles.
Product demand in energy applications is expected to increase as people become more aware of the benefits of renewable energy. High defense spending is expected to bolster the demand for titanium and magnesium in this region, thus boosting the growth of the market over the forecast period.

Lightweight Materials Market Drivers:
Some of the key drivers listed in the report are given below.
• Growing awareness towards the reduction of fuel emissions impelled many automotive and aircraft manufacturers to replace heavier materials with lighter ones, which can reduce the weight of the final product.
• Furthermore, governments of different countries and various international organizations are framing stringent regulations against vehicular emissions.
• Aluminum, high-strength steel, plastics, and composites are commonly employed to meet the industry's safety and emission goals.
• To increase vehicle fuel efficiency, automakers have started working on multi-material designs, integrating lightweight materials.
• The use of polymers and composites in vehicle design is expected to increase because of their lightweight advantages.

Top Companies in the Lightweight Materials Market:
Stratview Research has identified the following companies as the top market players.
• Alcoa Inc.
• Aleris International
• Allegheny Technologies Incorporated
• Bayer AG
• Cytec Solvay Group
• Evonik Industries
• Formosa Plastics Group
• Novelis Inc.
• PPG Industries Inc.
• Precision Castparts Corp.
• SABIC
• Toray Industries Inc.
Note: The above list does not necessarily include all the top players in the market.

What Unique Insights Does this Report Offer?

This report provides comprehensive insights into the Lightweight Materials Market, answering critical questions like:

• How big is the sales opportunity?
• Which regions offer the best sales opportunities?
• Which are the most attractive market segments?
• Which are the top players and their market positioning?
• How complex is the business environment?
• What are the factors affecting the market?

For Customization or Any Other Queries, Get in Touch with Our Industry Experts at - sales@stratviewresearch.com

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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
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This release was published on openPR.